- Ray Dalio believes that regulators will take the control of bitcoin ultimately as the coin gains mainstream success
- Bitcoin is a good alternative to any form of cash or asset
- Bitcoin shows signs of improvement amidst volatility, hits above $60,000 earlier this year
Bridgewater Associates, the world’s largest Hedge Fund companies founder Ray Dalio believes that bitcoin would be ultimately controlled by the regulators if it gains mainstream success. Dalio believes that if bitcoin becomes successful and gets the mainstream route, the regulators will try to kill it. He shared his opinion at the SALT Conference which concluded a few days ago in New York.
As the speculative markets in the cryptocurrency space continue to gain momentum and the attention of the traders, the U.S. regulators have become more conscious and stepped up their oversight of the volatile cryptocurrency space.
Gary Gensler, Securities and Exchange Commission of the U.S. Chairman said that to protect the interest of the investors, Wall Street’s top regulators are working overtime to create a set of rules. It will help investors to protect via better regulation of the thousands of new digital assets and coins.
Despite the market showing signs of volatility, Bitcoin shows signs of improvement of late. In the last 12 months, the crypto has quadrupled and touched $47,500 on Wednesday. It hit a high above $60,000 earlier this year.
Ray said that there are countries like El Salvador which is embracing bitcoin and then there are countries like China and India where the coin is not making any heat and that they want to get rid of it. Then there is the US, which wants to regulate it and it could still be controlled.
The intrinsic value of Bitcoin
In June, El Salvador became the first country to adopt bitcoin as a legal call for the country. Meanwhile, India is likely to propose a law banning cryptocurrencies and penalizing miners and traders. China has started cracking down on the crypto markets, forcing miners to move their operations to some other country and shut it in China.
Dalia believes that Bitcoin does not have an intrinsic value and lacks fundamental and objective worth. Still, he thinks Bitcoin is the best alternative to other financial assets. It is a possibility and he possesses some bitcoins for himself. He feels it to be an amazing accomplishment to have bought it from where that programming occurred to where it is through the test of time.